Despite planning to halt BUSD trading by next month, Coinbase said users would have complete access to their Binance stable coin funds.
San Francisco-based cryptocurrency exchange Coinbase has announced that it will suspend trading for Binance USD (BUSD), the stablecoin of the world’s largest cryptocurrency exchange, Binance.
In a tweet today, Coinbase said it would halt BUSD trading on March 13, 20223, at 12 PM (ET). Notably, the San Francisco-based cryptocurrency exchange said its operations require the regular monitoring of crypto assets on its platform to ensure they meet the required standards.
Coinbase noted that it arrived at the decision to halt BUSD trading on its platform following its most recent review.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.
— Coinbase Assets (@CoinbaseAssets) February 27, 2023
While the news of Coinbase halting BUSD trading on its platform may shock many, the San Francisco-based exchange assured users of complete access to their BUSD funds. It added that they could withdraw the stablecoin at any time.
“Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time,” Coinbase noted.
Recall that on Feb 13th, Paxos (issuer of BUSD) disclosed that it will end its relationship with Binance for the exchange stablecoin and terminate the issuance of new tokens on Feb 21 after receiving directives from the New York Department of Financial Services (NYDFS).
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